Islam and Business Finance

Image courtesy of Master isolated images at FreeDigitalPhotos.net Hello readers, hope you are good. I will be writing about you yes you fulfilling your philanthropic responsibilities. A business should not only focus on economic or legal or ethical responsibilities but should also focus on giving back to  their communities, their nations and much more. Some businesses overlook this responsibility, but it should not be overlooked. When a business fulfills its philanthropic responsibilities it pleases Allah and when He is pleased with your business, your business get blessed. Philanthropic responsibility could range from a business donating a school to the government, or books to pupils or much more. It could also mean allowing customers to return their goods back if they are not satisfied with it, or giving customers enough time to pay the debt they owe you without putting pressure on them. It could also mean letting go of debt if a customer is finding it difficult to ...

Image courtesy of Master isolated images at FreeDigitalPhotos.net Hello readers, today I will  be looking at qualities that can help you differentiate your products. When products are differentiated it helps you stay competitive in the business market. Qualities include High Quality The quality of a product can contribute to the differentiation of the product. The way a product can be of high quality is to make sure materials used for the products are of high quality, presentation is also key (the packaging of the products must be unique).  Awareness After products have been carefully created with high quality materials, it must be made know to potential customers. If potential customers do not know about the products then how will you be able to sell them, Qualities of the products must be made known to your target market, this will help them understand your products better. Customers The business can cultivate an habit that will promote referrals t...

Image courtesy of winnond at FreeDigitalPhotos.net Hello readers, I hope you are good. So today I decided to write about some restaurants in Ireland. Ambala Authentic Asian Food The Asian restaurant is located in Dublin. They serve both Pakistan and Indian food. They also serve desserts. The restaurant is also certified as halal. El Bahian Moroccan Restaurants This restaurant is located at the centre of Ireland.  They serve halal moroccan  dishes. Madina Desi Curry Co. This restaurant is located on Mary Street. It has 3 kitchens, the BBQ kitchen, Curry kitchen as well as pure vegetable kitchen. Thus, several dishes are being served at the restaurant. Soup and  Noodles This restaurant is also located in Dublin. It sells several types of halal dishes. It 8offers fusion dishes at good prices. Dishes look attractive. Eveything should be done for the sake of Allah. Part of doing something for the sake of Allah means hoping for a reward from Him in this ...

Image courtesy of Rattikankeawpun at FreeDigitalPhotos.net Hello readers, are you having difficulties collecting your account receivables from customers? If yes, this post is for you. For those that do not know what account receivables means, it is the money owed by a customer to an organisation after goods or services has been supplied without the customer paying for it. So how do you get the money on time? - First of all , the quality of your products (good or services). It should be of an excellent quality. Customers would not like to lose an efficient and effective supplier. So if your work speaks for itself they will be willing to pay on time. - If the type of products you offer do not require customers to pay in bits or to pay after service then it will be better to collect payments before service. Some companies apply this, it might reduce the amount of customers you get, however, it could prevent you from writing off debts. - Services and goods produced after the cu...

Image courtesy of Boykung at FreeDigitalPhotos.net Hello readers, today I will be writing about Amethyst. This is a rare stone, it is cheaper than other gemstones, which makes it easier to invest in. Over a period of time the stone appreciates and you are able to make profit from it. Its price always goes up but before you go about investing in Amethyst. You should know this, make sure you buy the stone from primary sources rather than wholesalers or secondary sources. It is cheaper than way and you will be sure the stone is authentic. You must buy it from a certified gemologist. Buying the amethyst in bulk will be preferable. However, an investment in only one stone will still appreciate in value over a period of time. Prices of this Amethyst ranges from $8.13 to $58.86 per carat. The deeper the purple colour, the more expensive it is. The value of the Amethyst appreciated by 89.1% from 2006 to 2016. If you have the capital to tie down you can invest in it and it must be a...

Hello reader, are you stuck in the past? Now is the time to start thinking forwardly. Backward thinking is a no no. To be successful in business you have to be a forward thinker. According to the Cambridge dictionary it is the planning for the future and not just the present. After that being said, when you make a mistake in business, rather than getting stuck on it, pondering pondering and pondering over it again (backward thinking) why not see it has a learning opportunity (forward thinking). Look at the mistakes you made, think about the amendments that can be done to them and apply it to your new tasks. Learn from all experiences whether good or bad and keep applying what you have learnt to your new task. Qualities of forward thinking Planning  Basically, in order to execute a business task efficiently and effectively you must first have a plan. Without a plan to help you set the steps you will be taking to achieve your goals, there will be a higher probability of fail...

Image courtesy of jannoon028 at FreeDigitalPhotos.net Hello readers, today I will be looking at Islamic trade financing. Individuals that do import and export goods can benefit from this article. Today I will be talking about letter of credit. Letter of credit This is perceived as a fee based service provided by the bank to promote a trade between a buyer and a seller. The letter is issued by the bank to assure the seller that a payment will be made to him/her on behalf of the buyer after the seller must have provided some documents and of course delivered the goods. The bank can make payments using this form, the form is discussed below: -The buyer will depositing the full amount of the transaction into the bank assuring the seller. After the goods must have been delivered and the documents needed has been provided by the seller, then the bank will make payments to the seller using the money of the buyer. In other words the bank acts as an agent of the buyer. Howeve...

Image courtesy of graur razvan ionut at FreeDigitalPhotos.net Hello readers, today I will looking at Nigeria. If you plan to visit the country soon, this article will be useful to you or if you reside there you might gain a thing or two, probably if you just want to spend some time with your family or friends. Restaurants I will be mentioning are reasonable priced and they will give you the best of experience. Cactus This restaurant is located in Victoria Island, Lagos. I can personally tell you that they have the best cakes, yeah cakes. I am assuming their pastries will be good. They also sell burgers, wraps, rice dishes and the likes. Dishes are priced between $15 to $34. Grills in and out This restaurant is located in Lekki Phase 1, Lagos and Wuse 2, Abuja. Definitely, from the name of the restaurant you can infer that they sell grilled dishes, yeah from grilled chicken to grilled beef to grilled fish, they definitely come with side dishes. Menu looks g...

Everything in this world is spiritual, while some individuals accept it some individual prefer to differ. First of all, you need a good relationship with Allah, the better the relationship gets, the better you will get emotionally and mentally. The better the relationship gets, the more you will stay away from actions that can lead to consequences that could cause depression. Part of having a good relationship with Allah includes carrying out righteous deeds which will help you get stronger emotionally and mentally. In other words being a Muslim. You have to take good care of your well being. This includes proper diet (balanced diet, fruits and water), adequate exercise and adequate sleep. You also have to develop a positive way of thinking, always get adequate proof before you accept a negative thought, learn to let go of the little things, no human is perfect.  For example, he entered the office and he didn't greet me, to me that flimsy, that is nothing to get worried...

Hello reader, hope you are good! So today I will be looking at mature industries. Basically, I will be letting you know how to compete in a mature industry. Majorly, according to my research multinational companies use bureaucracy to maintain efficiency which contributes to their competitive advantage and most of them are in the mature industry. Companies like that are able to achieve efficiency through the division of labor, standardized job responsibilities and a clear management structure. Basically, they use the principles of bureaucracy to guide their actions. 4 principles of bureaucracy will be discussed below. "- Principles of Bureaucracy   Structure of the business Within a bureaucratic structure, senior colleagues are given the  authority to control junior colleagues, thus each level can control  any level below it. Rules and Regulations Bureaucracy encourages uniformity amongst all staff, thus rules and regulations made by the most...

Praying 5 times daily to Allah